Sensex, Nifty end lower after last hour selloff; India VIX climbs 5%

All that happened in the markets today

Benchmark indices ended with losses, dragged down by metal stocks, on Wednesday due to last hour sell-off after a volatile session.

India VIX, the gauge for voltality, rose 5.4 per cent during the day.

The benchmark S&P BSE Sensex dipped 204 points, or 0.55 per cent, at 37,115, with HDFC, Tata Motors, IndusInd Bank, ICICI Bank, and YES Bank weighing the indice down. Out of the 30 constituents of BSE, 25 ended in the red. 

The broader Nity50 index ended 65 points, or 0.58 per cent, lower to settle at 11,157. About 1,084 stocks declined and 659 advanced on the NSE.

Among sectoral indices, all but two indices in the red, with Nifty Media index and Nifty Metal indices plummeting 3.74 per cent and 2.1 per cent, respectively.

In the broader market, the S&P BSE MidCap slipped 95 points, or 0.67 per cent, at 14,117, while the S&P BSE SmallCap ended the day 62 points, or 0.45 per cent, lower at 13,782.

 

Buzzing stock
 

Jet Airways (India) shares slipped 4.18 per cent to Rs 123.70 on Wednesday on the BSE after top executives of the cash-strapped airline resigned with immediate effect. READ MORE

Shares of Union Bank of India plunged as much as 10.03 per cent to Rs 71.30 apiece in the intra-day trade on Wednesday after the state-run lender said its net loss widened to Rs 3,370 crore in the fourth quarter of 2018-19, mainly on account of higher provisioning. The company had registered a net loss of Rs 2,583.38 crore in the same quarter of the preceding fiscal. READ MORE

GLOBAL MARKETS
 

Asian stocks struggled near a 3-1/2-month low on Wednesday on lingering concerns over the economic impact of a U.S.-China trade war, although an overnight bounce on Wall Street helped limit the losses.

MSCI’s broadest index of Asia-Pacific shares outside Japan edged down 0.05 per cent. Australian stocks added 0.07 per cent, South Korea’s KOSPI slipped 0.1 per cent and Japan’s Nikkei shed 0.4 per cent.

Brent crude futures were at $70.90 a barrel, down 41 cents, or 0.7 per cent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $61.39 per barrel, down 24 cents, or 0.3 per cent, from their previous settlement. 

(With inputs from Reuters)

3:43 PM

Sectoral trend on NSE

3:42 PM

Gainers and losers of the day on S&P BSE Sensex

3:41 PM

Market at close | NSE Nifty dips 65 points to close at 11,157

3:40 PM

Market at close | BSE Sensex closes 204 points lower at 37,114.88

3:29 PM

Amara Raja Q4 results: Profit grows 8.7 per cent to Rs 119.3 cr

3:23 PM

Stocks that have plunged in last month

Eveready Industries and Jet Airways tanked over 50 per cent, while YES Bank, Reliance Capital, Reliance Power, DHFL, Graphite India, IFCI, Dish TV and Escorts were down 30 per cent to 46 per cent in past month.

3:13 PM

Lupin falls over 4 per cent after Q4 results announcement

3:09 PM

NEWS ALERT | Lupin Q4 results: EBITDA grows 28.5 per cent to Rs 872.3 cr

3:08 PM

NEWS ALERT | Lupin Q4 results: Revenue increase 10% to Rs 4,406.3 cr

3:07 PM

NEWS ALERT | Lupin Q4 results: Rs 289.6 cr profit vs Rs 783.5 cr loss in year-ago quarter

3:02 PM

NEWS ALERT | China April industrial output cools, retail sales growth falls to 16-yr low

China on Wednesday reported surprisingly weaker growth in industrial output and retail sales for April, reinforcing expectations that Beijing needs to roll out more stimulus measures as the trade war with the United States escalates.

Growth in industrial output slowed more than expected to 5.4 percent in April from a year earlier, pulling back from a surprising strong 4-1/2 year high of 8.5% in March, which some analysts had suspected was boosted by seasonal and temporary factors. Retail sales were also worse than expected, with the headline number rising 7.2%, the slowest pace since May 2003, data from the National Bureau of Statistics (NBS) showed. That compared with March’s 8.7% and forecasts of 8.6%, highlighting concerns that consumers are growing less confident as the economic slows and the trade war drags on.


(Reuters)

2:58 PM

Zuari Agro hits 52-week low as ICRA downgrade credit ratings

Zuari Agro Chemicals (ZACL) shares hit 52-week low of Rs 142, down 7 per cent, in intra-day trade on the BSE, after the fertiliser company said rating agency ICRA downgraded credit ratings of the company's various instruments. The rating revision factors in the devolvement of several Letters of Credit (LCs) by the company in the month of April and May 2019 and overutilisation of fund based facilities owing to significant delays in the subsidy receipt from Government of India (GoI) and weak liquidity position of the company driven by significant cash loss in April-December period (9MFY2019), ICRA said. READ MORE

2:42 PM

Nifty Metal index is trading 1.2% lower, led by losses in JSW Steel and Jindal Steel

2:26 PM

BofA on interest rates

The RBI is set to cut rates by 75-100bp on a benign inflation outlook in 2019 in contrast to 2018's 50bp hike as inflation was peaking off. With May inflation tracking 3.2%, well within its 2-6% mandate, the RBI MPC should cut 25bp on June 6 (and August 7, if rains are normal). After all, the RBI's real policy rate, at 3%, is still far above its 125-175bp 'target'. 

2:25 PM

Edelweiss on Voda-Idea

We are enthused by IDEA’s good execution on integration and improving revenue trajectory despite subscriber loss. However, we are concerned about weak usage traction, which makes its subscribers susceptible to churn in case of SIM consolidation. The stock is trading at 12.1x FY21E EV/EBITDA. We maintain ‘HOLD/SP’ with revised DCF-based target price of Rs15 (Rs 18 earlier)